First Mortgage Rates, Fees & Info
Hiawatha, IALEI: 549300ZNV71J20M52A37
Tax ID: 42-0173225
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Mortgage Data
Review & Overview
First is a smaller mortgage company specializing in Home Purchase loans. First has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Cedar Rapids, Iowa City, Waterloo, Dubuque, and Chicago among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)First has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.62% | 4/28/24 |
| 30 Year Conventional Refi | 6.85% | 4/28/24 |
| 30 Year Cash-out Refi | 5.72% | 4/28/24 |
| 30 Year FHA Purchase | 7.72% | 4/28/24 |
| 15 Year Conventional Purchase | 7.62% | 4/28/24 |
| 15 Year Conventional Refi | 5.76% | 4/28/24 |
| 15 Year Cash-out Refi | 5.76% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
First Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
299Origination Dollar Volume (All Markets)
$30,865,000Awards
FIRST - 2018
FIRST is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 258 | $26,350,000 | $102,132 | $1,489 | 5.43% |
| Outside of Metro Areas | 16 | $1,810,000 | $113,125 | $1,461 | 4.63% |
| IOWA CITY, IA (FHA|USDA|VA) | 8 | $940,000 | $117,500 | $1,240 | 4.98% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 6 | $620,000 | $103,333 | $2,214 | 5.66% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $721 | 7.37% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,964 | 4.63% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $1,117 | 5.68% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,765 | 3.63% |
| Carroll, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.24% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,085 | 3.50% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.49% |
| Clinton, IA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 3.74% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 68
Similarity Rank: 76
Similarity Rank: 117
Similarity Rank: 117
Similarity Rank: 216
Similarity Rank: 247
Similarity Rank: 273
Similarity Rank: 304
Similarity Rank: 567
Similarity Rank: 576
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 297 | $30,835,000 | $103,822 | $1,506 | 5.34% |
| HELOC | 1 | $25,000 | $25,000 | n/a | 5.75% |
| FHA | 1 | $5,000 | $5,000 | $451 | 12.38% |
For 2018, First's most frequently originated type of loan was Conventional, with 297 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2018, First's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Refi, with 69 originations.
Loan Duration/Length
For 2018, First's most frequently cited loan duration was 30 Year, with 132 originations. The 2nd most popular length was 15 Year, with 74 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 203 | $26,545,000 | $130,764 |
| $1k-2k | 3 | $595,000 | $198,333 |
First's average total fees were $1,821, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 203 originations.
Interest Rates
During 2018, First's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 3-4%, with 130 originations.
Loan Sizing
2018 saw First place emphasis on $100,000 or less loans with 172 originations, totaling $7,840,000 in origination value.
Applicant Income
First lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $50k or less, with 74 originations.
Applicant Debt to Income Ratio
First lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 51 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.37%
First has an average approval rate.
Pick Rate
Approvals leading to origination86.96%
First has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 299 | $30,865,000 | $103,227 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 40 | $1,210,000 | $30,250 |
| Single Family (1-4 Units):Site-Built | 259 | $29,655,000 | $114,498 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTBANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
| FIRSTBANK | Other type of mortgage | Trouble during payment process | 1 | 33.3% |
| FIRSTBANK | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |